Xanadu’s managing director and CEO Dr Andrew Stewart said: “We are extremely excited by the first drill hole into the Zaraa porphyry discovery.

“This drill hole has intersected over 800 metres of near-continuous copper and gold mineralisation making it the longest exploration drill intercept of gold and copper mineralisation recorded since Xanadu began drilling at the Kharmagtai Project in 2014.

“Drill hole KHDDH462 extends the Kharmagtai mineralised system and demonstrates yet again the incredible potential to add to the presently defined copper and gold resources.”

One of the world's most exciting new copper and gold discoveries

Stewart added: “While Kharmagtai already is one of the world's most exciting new copper and gold discoveries, hole KHDDH462 is consistent with our long-held view that the Kharmagtai mineralised system contains significantly more gold and copper than we have delineated to date under JORC standards.

“We are particularly pleased to see this outstanding intersection in hole KHDDH462, right where our geological modelling predicted.

“Our strategy is clear: to add tonnes and grade to the existing resources by discovering additional high-grade deposits within the Kharmagtai Copper-Gold Project.

“With our aggressive and systematic drill program we are delivering on this strategy. The discovery of Zaraa reinforces the exploration potential of the Kharmagtai porphyry district.”

Xanadu Mines Ltd (ASX:XAM) is an exploration company with a long history of business development and partnership in Mongolia. It has a significant exploration portfolio across Mongolia’s porphyry copper belts.

Xanadu Mines Ltd (ASX:XAM) is an exploration company with a long history of business development and partnership in Mongolia. It has a significant exploration portfolio across Mongolia’s porphyry copper belts.